The ECB and the Fed

By: Charles Wyplosz, Graduate Institute of International Studies

Facing different situations, the Fed and the ECB muddle through, each in its own way.

Should central banks publish their interest rate forecasts?

By: Stefan Gerlach, University of Frankfurt

No. The level of uncertainty is simply too high.

Some thoughts on macroeconomic models

By: Paul De Grauwe, K.U. Leuven and CEPS

The limits of DSGE models as tools of analysis for central banks.

Bertie's legacy

By: Alan Ahearne, Bruegel and NUI Galway

As Bertie Ahern's ten-year tenure comes to an end, so does Ireland's extraordinary economic boom.

Out of control: credit

By: Casper de Vries, Erasmus University Rotterdam

The Fed deliberately ignored traditional indicators that provided early warning about the credit crisis to come.

Why the Fed should not prevent a US recession

By: Paul de Grauwe, K. U. Leuven

The US needs a higher savings rate. There is no way around it.

Out of control: Inflation

By: Casper de Vries, Erasmus University Rotterdam

How single minded monetary policy contributed to today's financial mess.

Is the Fed monetarist?

By: Patrick Minford, Cardiff Business School

The US central bank reacts flexibly to the ups and downs of the economy, as would happen under a money supply target

By: Jean Pisani-Ferry, André Sapir and Alan Ahearne

A Bruegel report on adapting the policy framework of the euro area.

Eurozone breakup would trigger the mother of all financial crises

By: Barry Eichengreen

Households and firms would shift deposits to other euro-area banks producing a system-wide bank run. Investors would create a bond-market crisis. Here is what the train wreck would look like.

There is more to central banking than inflation targeting

By: Paul de Grauwe, K.U. Leuven

The subprime crisis shows that central banks cannot avoid taking responsibilities that include the prevention of bubbles and the supervision of all institutions that are in the business of creating credit and liquidity.

A pragmatic view of money

By: Stefan Gerlach, University of Frankfurt

If money growth is useful for forecasting inflation, it makes sense to look at it; if not, then it does not.